Welcome to this latest issue of Business Matters, the Lyness Accountancy Practice Limited Newsletter.
We are delighted to be able to offer our congratulations to Lyness Accountancy Practice Limited Client Manager Sean Lyness…
On Monday 24th May Sean took and passed the Quickbooks Online Advanced Certification Course and passed it at first attempt!
Okay so Director Matt and CM Ian have also passed too confirming the practice as fully Quickbooks certified…
…but this story is a bit tongue in cheek as in reality we’d rather congratulate Sean not about Quickbooks, but about the fact that he and partner Amy celebrated the birth of their first child.
The latest addition to the Lyness family is Logan who was born at 12.07pm on the 30th March 2021, weighing 8lb and 2oz.
So maybe we’re looking at a third generation of Lyness Accountants although he’d probably prefer to follow his Uncle Dean into professional football.
Huge congratulations to Sean, Amy and of course Logan!
As always Stay Safe!
Always Remember When You’re on the Bottom of the World it Turns Every 24 Hours
…But remember that when you’re on the top as well!
That was just one of the powerful observations from writer, actor and comedian Breandan O’Carroll during his interview with Roy Lyness for the Lyness Growth Academy recently.
Brendan has been both a friend and client of Lyness Accountancy Practice Limited for over ten years and was only happy to oblige when Roy approached him and asked he would share his business experiences for the group.
There aren’t too many people blessed with overnight success and Brendan certainly wasn’t one of them working as a waiter and an insurance salesman before his career in comedy took off, and even than has seen many knocks and hardships along the way before he achieved the success he has now.
This was probably the thing that resonated with members most, as Andy Tain of Ultimate Entertainment commented “It’s good to hear simplistic views from someone who has been put on from time to time and who was not an overnight success.”
Brendan was keen to point out that he was running a business too, the profession he is in is “called show business for a reason, the business of the show” and a number of delegates commented how even though their businesses were worlds apart everyone ultimately is trying to overcome similar issues, as Debbie Bowen of Cladding Construction told us “The session was great, so encouraging. Even though Brendan is a celebrity he faces the same problems as every other business.
And that is becoming an additional benefit of the Growth Academy with members often sharing their experiences and advice with each other at what we term the Strategic Board at the end of each session.
Members with a specific issue can, if they wish, ask a question of the other members who are proving only too willing to help each other. We really would recommend taking a look at the Lyness Growth Academy if you haven’t done so already! Email [email protected] for details of the next session.
Throughout Brendan’s session, as well as entertaining everyone, he gave real business value, delegate Richard Jenkins was impressed by Brendan’s comments on his first BBC contract and the way he got it changed despite Peter Kaye telling him “it’s a BBC contract, it’s standard you don’t change it”.
Breandan said “the word contract and standard never belong in the same sentence” and the BBC would no doubt look back now in the disappointment at the concessions they gave.
But the one thing everyone seemed to agree on was that Brendan’s success came from hard work and perseverance despite the knocks.
Brendan was due to showcase his first play at the Dublin Theatre Festival but the organisers wanted the theatre he booked for a different show so they said his play didn’t reach the required standards – despite the fact that as Brendan said “I hadn’t written the f****** play yet”.
So he wrote it anyway and sold out the theatre for ten weeks!
Jason Mansell of Gotronic summed things up by pointing out “there’s always change, there’s sometimes failure but the bottom line is to keep on doing what you believe in.”
Lyness Accountancy Practice Limited thanks Brendan for giving his time for the interview.
52 Reasons Why Some People are Much, Much More Successful in Business than Others Cont’d
Here we continue with part 4 in the series of the 52 Reasons Some People are More Successful in Business than Others giving you powerful ideals and strategies some of the world’s most successful people have used to get ahead.
33. Don’t ignore their health and fitness. They know that if they’re too busy to exercise, they’re too busy.
34. Take advice. They use experts to help them find the best solution to a problem, and to plan the best strategy to get to where they want to be. They don’t believe they have to do this themselves.
35. Use their financial figures as an indicator of the business’ health and progress, and as an early warning system, and as an early warning system. Not just as an afterthought to sort out their taxes.
36. Don’t make promises they can’t keep. Better to promise delivery in 4 weeks, and do it in 3, than trying to impress the customer by quoting 2 weeks, and then letting them down. Follow the example of the airlines, who quote an ETA they expect to beat.
37. Know it’s the little things that matter. And are obsessive about them. The SAS Airlines chairman said “coffee stains on the flip trays tell our customers we don’t service our engines properly”.
38. Motivate their team. They share their vision of the business’ future. They show appreciation for a job well done. A simple thank you. And they make the job more fun to do.
39. Empower their team. Nothing impresses a customer like a problem solved quickly, efficiently and politely. To achieve this, they give their team the authority to see to it themselves. And back them up on their decisions afterwards.
40. Have a way of doing things that differentiates them from the others. Michael Gerber’s excellent book “The E-Myth Revisited” is the definitive work on this.
41. Delegate. First, they set out exactly how they want it to be done, and what they have to achieve. Then they train them in how to do it. Finally, they pass over the responsibility for it. And set reporting criteria.
42. Don’t abdicate the responsibility. Like most small business owners do. For example, by taking on an experienced salesman, and just telling him to get on with it in his own way.
43. Structure the business properly, setting out who’s responsible for what, and who’s answerable to whom. Even if there are only 2 people in the business so far.
44. Question everything. They are constantly looking for a better way. Never automatically doing things the way everyone else does them.
45. Are prepared to take a new direction, when a new opportunity arises.
46. Know the difference between working for their business, and making the business work for them. They don’t take people on to help them with their work. They take people on so they can escape from doing the work.
THE LAST WORD
Capital Gains Tax: An Explanation of the Rules for the Residential Property
If you have own UK residential property which you subsequently sell or have sold since 6th April 2020 you may be subject to the Capital Gains Tax Rules.
Taxpayers must now report the disposal of UK residential property where a Capital Gains Tax liability arises within 30 days of making the sale, the estimated tax liability is due at the same time.
Anyone who submits a Self-Assessment Tax Return must also report the disposal on their return.
These rules do not apply to non residential property or property located outside the UK which state that you must report and pay any tax due within 30 days of making the sale.
This is substantially different to previous rules where your property sales were reported on your Self Assessment Tax Return.
The following UK tax residents fall within this legislation:
- Personal representatives;
- Partners in partnerships and limited liability partnerships; and
- Joint owners of property
The 30-day rules apply to direct interests in residential property only, for example the sale or gifting of a house. Disposals of indirect interests, such as shares in a company which holds UK residential property, are not caught.
The definition of residential property includes any property suitable for use as a dwelling, or which is in the process of being constructed or adapted for such use.
JOIN US AT THE LYNESS GROWTH ACADEMY
Online at 10am on the second Tuesday of every month
HELPING YOUR BUSINESS SURVIVE & THRIVE
Do you want to secure your financial future and grow your personal wealth? Do you want exclusive access to the expertise and tools that will make this all possible? Then it’s time you join the Lyness Growth Academy.
- Monthly online business club
- Meetings, seminars and videos
- Extra Support and training on the Core Asset Free Business Development Program
- Discounts on trusted advisor services
- Telephone support, help and advice on commercial business issues
- Meetings online on the second Tuesday of each month
- Free to Clients, Non Clients £77 + VAT
- Free three month taster membership available to non clients
Book your place now at the next Lyness Growth Academy meeting
There is no 30-day reporting requirement where no tax arises on the disposal such as where the property is your main residence or is being sold at a loss.
When calculating your gain or loss don’t forget to include professional fees and the cost of improvements as these can mitigate your liability.
For assistance with property sales, call us on 0121 544 0240.